Tesla under FBI criminal investigation

Does Tesla's Model 3 Performance earn its pricetag

Tesla under FBI criminal investigation

The investigation, led by the USA attorney's office in San Francisco, will compare the company's statements spanning over the past two years with its production capability, the Wall Street Journal reported.

It is interesting to know that, Tesla earlier said that "That company has handed over the documents to the Department of Justice regarding the Elon Musk's controversial tweet which cost company and Elon combined a $40 million in fraud settlement fee".

The Justice Department inquiry reportedly stems from Tesla's claims of its ability to produce the Model 3 at volume in 2017. Tesla then reported building over 5,000 models in the final week of this year's third quarter, according to the Wall Street Journal.

As of late, Federal Bureau of Investigation officers have reached former Tesla employees to look for declaration in the criminal case, as indicated by the report. The ex-employees received subpoenas earlier in the probe, and agents have sought to interview several of them recently, according to the newspaper. Tesla is cooperating and has not received a request for testimony, a subpoena, and for many months, there have been no additional document request or any other formal process, said the spokesperson.

Tesla's chief executive Elon Musk said the $20 million (Dh73.4m) fine he has to pay for announcing on Twitter that he had funding to take the electric vehicle maker private was "worth it".

Now that Tesla's reported a profitable quarter for the first time in two years, with an earnings report that was so good it even won over the short-sellers, people are awaiting what's next on the assembly line: the Model Y.

Thanks to the production push for the Model 3 over the summer, Tesla was able to rack up $312 million in profits for Q3.

Tesla's shares witnessed a spike, and the Securities and Exchanges Commission charged the Musk for his false and misleading statements.

Tesla CEO Elon Musk once again pointed out that the company now did not intend to raise equity or debt.

In reality though, Tesla managed only a humble 2,425 Model 3s during the last quarter of 2017.

CEO Elon Musk in 2017 proposed an aggressive production plan for the Model 3 - widely perceived to be ambitious.

The yield on Tesla's $1.8 billion high-yield bond due in August 2025 88160RAE1= dropped to a two-month low as the debt rallied off the quarterly results.

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